Prime Highlights:
- The government plans to expand overseas logistics hubs from 9 to 40 by 2030 to strengthen South Korean exporters.
- Additional support will be provided for the biohealth sector, including funding for clinical trials and talent development.
Key Facts:
- New logistics hubs will be set up in 11 countries, including the U.S., Canada, Mexico, Vietnam, Indonesia, and Germany.
- The logistics supply chain investment fund will be doubled to 2 trillion won to secure container and bulk terminals for key cargo like energy and grains.
Background:
The South Korean government announced plans to invest at least 4.5 trillion won ($3.06 billion) to strengthen its overseas logistics infrastructure, aiming to support domestic exporters and enhance the country’s global trade competitiveness. The initiative was unveiled by the Ministry of Oceans and Fisheries during a ministerial meeting on industrial competitiveness on Tuesday.
Currently, of the overseas logistics centers operated by 15 major South Korean firms, only 8.8 percent are fully Korean-owned. In the case of overseas container terminals, Korean companies hold stakes in just seven facilities. To close this gap, the government plans to expand the number of government-backed overseas logistics bases to 40 by 2030, up from nine at present.
These new hubs will be set up in 11 countries with strong trade ties to South Korea, including the United States, Canada, Mexico, Vietnam, Indonesia, and Germany. The government will work with shipping companies and port authorities to take part in container and bulk terminals, focusing on important cargo such as energy and grains. In addition, the logistics supply chain investment fund will be increased to 2 trillion won.
The Finance Ministry also announced plans to support the biohealth sector and foster talent development in related industries. A 150 billion-won fund will support Phase 3 clinical trials of South Korean biopharmaceuticals, while efforts will be made to nurture 110,000 talents in the biohealth industry by 2027. A separate 430 billion-won fund will promote cultural content creation leveraging artificial intelligence.
Finance Minister Koo Yun-cheol highlighted the country’s economic recovery despite global challenges, including U.S. tariff negotiations and sluggish domestic demand. He said the government is now focused on boosting South Korea’s economic growth by 2026.
These steps aim to make South Korea stronger in global trade, support important industries, and promote long-term economic growth.
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